Gulf OPEC Maintains Asia Volumes But Loses Market Share

Despite output cuts, Opec’s core Gulf producers actually sent slightly more crude to their core East Asian customers in the first four months of 2017 versus both the same period last year and 2016 as a whole. But this has not been enough to maintain their share of the key Chinese market where they are losing out to long-haul shipments from the Americas.

China moved decisively ahead of the US as the world’s top crude importer in the first four months of 2017. It imported an average of 8.48mn b/d, up 13% on the same period a year earlier and over 11% higher than the 7.61mn b/d figure for 2016 as a whole. (CONTINUED - 1807 WORDS)


chart China Imports From Americas (‘000 B/D): Volumes Dip In April But Still Second Highest On Record With 188,000 B/D From The USA
chart US Crude Exports Hit Record 1.12mn B/D In February, With March Second Highest On Record. Overseas Volumes Average 62% Of Total For Q1 2017 With China The Key Market (‘000 B/D)